Do you want to stay up-to-date on all things Compliance? Subscribe to receive resources and news around compliance related issues. Subscribe to Us

Compliance

FFIEC Issues Guidance on Authentication & Access to Financial Institutions Services and Systems

The Aug. 11 document replaces previous guidance from 2005 and 2011.

Regulations & Rules Stamps

NCUA Proposes Complex Credit Union Leverage Ratio

Under the rule, a complex credit union that maintains a minimum net worth ratio and meets other criteria is eligible for the CCULR.

Compliance Yellow Folder Pic

CFPB Issues Interpretive Rule on Juneteenth 2021

The rule explains timing requirements in light of recent legislation designating Juneteenth as a federal legal public holiday.

U.S. Treasury Inquires About Missing EIP Payments

A credit union’s response to an inquiry will depend on specific information related to the economic impact payment received.

CECL Picture

Federal Reserve Board Releases SCALE CECL Tool

Credit unions can view a recording of the recent “Ask the Fed” webinar discussing the SCALE method.

Compliance Yellow Folder Pic

FinCEN Issues First National AML/CFT Priorities

The priorities address corruption, cybercrime, foreign and domestic terrorist financing, fraud, and more.

Regulatory Pressure Builds Around Climate Change Risk

A recent alert from the Washington State DFI urges financial institutions to address the risks and opportunities climate change brings.

Regulators Release Updated Rulemaking Agendas

Pending CFPB, NCUA, and FinCEN rules may have implications for credit unions.

NCUA Seeks Comments on Share Insurance Fund’s Normal Operating Level

Credit unions are also encouraged to note any other relevant information they believe the NCUA Board should consider.

White House Urges Businesses to Protect Against the Threat of Ransomware

Credit unions can take six steps now to drive down their risk of being victimized.

Scammers Posing as Credit Union Employees Are Using Spoofed Caller-ID Numbers

Credit unions may wish to issue scam alerts to help their members recognize fraudulent calls and avoid being victimized.

NCUA Provides Guidance on LIBOR Transition Plans

The recent supervisory letter outlines potential LIBOR exposure areas that examiners should review for material risk.

New and Improved CU PolicyPro System Launches

All system conversions are expected to be complete by Friday, April 30.

A Look at Medicaid Estate Recovery Programs

Credit unions should be aware that each state may take a different approach when attempting to make a recovery.

CFPB Highlights Need for Member Complaint Management Strategy

Credit unions are encouraged to create an effective resolution process to reduce member complaints submitted to the Consumer Financial Protection Bureau.

Oregonians Can Renew Driver Licenses Online Starting in Early May

The DMV’s new online feature will help reduce the demand for appointment slots, which remain high due to COVID-19.

Virginia Passes Consumer Data Protection Act

Going into effect Jan. 1, 2023, the VCDPA is similar to the California Consumer Privacy Act and European Union’s General Data Protection Regulation, but with key differences.

Washington State DOL Provides Information on Remote Notary Endorsement

The permanent legislative rules for remote notarization went into effect March 13, setting first time application and renewal requirements as well as standards for licensed notaries.